EU Targets Another American Company – Because They Are American

from IBD:

The European Union has once again kicked a giant U.S. tech firm in the shins in yet another pathetic fit of jealous pique. Last time, it was Apple (AAPL), supposedly because it didn’t pay enough taxes. This time, it’s Google, largely because, well, European companies just can’t compete.

The EU’s so-called Competition Commission — whose name suggests the same level of irony as the Ministry of Truth did in George Orwell’s “1984” — says that Alphabet(GOOGL) subsidiary Google must cough up a record fine of $2.7 billion because Europe’s homegrown firms can’t compete.

“Google abused its market dominance as a search engine by promoting its own comparison shopping service in its search results, and demoting those of competitors,” said the EU’s top antitrust bureaucrat, Margrethe Vestager. “What Google has done is illegal under EU rules.” read more

Monopolies Are Always Bad…Except When They’re Not

by: the Common Constitutionalist

The website, Inside Business wrote: “A monopoly is bad for the economy and allows one business to set the prices for a certain product or service virtually eliminating free-trade. If one business is the only provider of a product or service, the consumer is forced to pay whatever price they demand. This can also lead to the company providing a low quality product or service without fear of losing business.”

In 1890 the Sherman Antitrust Act was even enacted to make monopolies illegal and for a time it was considered a felony.

The Internet is awash with lefty bloggers railing against corporate monopolies. One such blogger wrote, “One of the fundamentals of free-market capitalism is that the consumer benefit from competition is plentiful. If a business is selling a week or inferior product, consumers can turn to the competition for a better deal”.

He continued by describing that the patron Saint of big government, FDR, stressed antitrust as a “key element of the New Deal” and “that large companies should be forced into a competitive environment whether they like it or not”. read more